Norwegian Trade Surplus Rises To New Record High

4/16/2012 4:14 AM ET

Norway's trade surplus hit a new record high in March, driven by an an all-time high value for mainland exports and higher crude oil prices.

Statistics Norway said that the trade surplus amounted to NOK 46.4 billion in March, which was 46 percent higher than the same month last year. This was also higher than February's surplus of NOK 45.3 billion.

The mean price of a barrel of crude oil surpassed NOK 700 for the first time. This, coupled with a record high value of mainland exports, contributed to the largest trade surplus ever recorded, the statistical office said.

The export of goods came in at an all-time high of NOK 88.9 billion in March, 11.5 percent higher on an year-on-year basis. Imports, on the other hand, fell 11.4 percent to NOK 42.5 billion.

Natural gas exports came in at NOK 24 billion, just NOK 0.2 billion less than the peak in January. This was an increase of 4.9 percent compared to February and 44.5 percent compared to March last year.